Dear All
hi I am working in one MNC , and as per our company rule our Max Bonus Limit is Rs. 8,400/- it is less than 50% of our one Salary my all staff is unhappy pl any one sagest me what is the Max limit of bonus as per Bones Act
Desai (Asst. Manager- Financial Control) (41 Points)
02 October 2009Dear All
hi I am working in one MNC , and as per our company rule our Max Bonus Limit is Rs. 8,400/- it is less than 50% of our one Salary my all staff is unhappy pl any one sagest me what is the Max limit of bonus as per Bones Act
BHAGYESH RAVANGE
(C.A Job)
(1528 Points)
Replied 02 October 2009
If in any accounting year , the allocable surplus exceeds the amount of minimum bonus payable to the employees then the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage
BHAGYESH RAVANGE
(C.A Job)
(1528 Points)
Replied 02 October 2009
If your monthly salary is 8400, then the yearly salary would be (8400*12) 100800, then your minimum bonus would be 8.33% of the 100800 which would be around 8400, so your company is giving you minimum bonus not the maximum bonus.
According to Act,
'
CA Rahul Jain
(CA)
(1162 Points)
Replied 30 November 2009
Originally posted by :BHAGYESH RAVANGE | ||
" | If in any accounting year , the allocable surplus exceeds the amount of minimum bonus payable to the employees then the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage | " |
agree......
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 01 December 2009
Min 8.33% and max 20%..as of now the company is paying u the min bonus as Bhagyesh illustrated for u sir...But its not the max bonus the company can pay as it points out...it can pay upto 20% of your salary depending upon the profit(allocable surplus) it earns after set off and set on provisions of the act...
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 01 December 2009
For further reference u can browse the given site sir
https://www.vakilno1.com/bareacts/paymentofbonusact/paymentofbonusact.htm
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